Legacy Minerals Ltd (ASX:LGM) has cut the ribbon on an oversubscribed $1.2 million placement, cementing a cash runway to drill gold and silver opportunities at the Bauloora Project in NSW.
Sophisticated and professional investors bought in at 15 cents a pop, participating in a tightly allocated raise to expand the imminent drilling program.
Maiden diamond drilling will get underway in January next year, with 3,000 metres planned in a bid to generate new targets at Bauloora.
Essentially, the funds provide flexibility to follow up initial holes, as well as test the newly defined parts of the project’s low-sulphidation epithermal system.
Legacy has all relevant drilling approvals, access and a diamond rig in place ahead of the program, which could bring the company one step closer to a major gold-silver discovery.
The company will provide further updates when the campaign gets underway early next year.
Triple the planned drill metres
Legacy managing director Chris Byrne said: “Legacy Minerals has received a strong level of support for the placement from a range of new and existing investors.
“This new investment sees us triple the planned drill metres at Bauloora and greatly increases our exposure to discovery.
“The placement value was deliberately small with a specific purpose and allows us to maintain value for existing shareholders while affording the company the additional capability in the upcoming maiden diamond drill campaign.
“I’d like to thank those new and existing investors for their strong support and look forward to updating the market on the company’s progress at Bauloora.”